Sanmina-SCI Guides Lower

Sanmina-SCI ( SANM) shares tanked in extended trading on Monday after the company warned it would miss its quarterly EPS targets and revenue would fall in the low range of its guidance.

The stock plunged 15.2%, losing 65 cents to $3.62.

Sanmina-said that excluding items like stock-based compensation and restructuring, the company now expects earnings of 6 cents to 7 cents a share, vs. previous guidance of 8 cents to 10 cents a share. Revenue will tally $2.71 billion, at the low end of its expected $2.7 billion to $2.8 billion sales estimates.

The consensus forecast for the electronics manufacturing services company by Thomson First Call was 9 cents a share on sales of $2.75 billion.

The company blamed lower-than-anticipated profit in the computing business, sluggish improvement in the enclosure business and a less favorable product mix for the miss.

The company reports third-quarter earnings on July 26.

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